Neobanks and the future of the banking industry

The case

In the era of digitalization, financial technologies are becoming more and more popular, not only among millennials but also the prior generations. Services like digital wallets, internet payment gateways (IPG), KYC, KYB and digital banking technologies are highly sought after by neobanks, startups and traditional banks. One of the reasons for this change could be the shift to digital services during the pandemic. As people were forced to avoid physical shops, agencies and institutions, a lot of companies started digitalizing their business models to avoid bankruptcy. Some of the possible challenges that may occur when incorporating neobanking services include data privacy and compliance risks, expensive and long licensing processes, and a lack of proper IT infrastructure. Fortunately, all of the above can be solved with the right partner on your side.